Affordable housing project in Waikōloa ready for occupancy

Hawai‘i Island’s newest affordable housing development, Waikōloa Family Affordable, is ready for occupancy.

The project’s 110 rental units will begin filling with families this month following the completion of construction of the estimated $46 million project developed by the nonprofit Coalition for Specialized Housing and partner GSF LLC.

The need for affordable housing on Hawai’i Island is dire. Per the 2019 Hawai’i Housing Planning Study, Hawai’i County needs to add 10,796 affordable housing units by 2025 to meet the community’s needs. Hawai‘i County Housing Administrator Susan Kunz said it’s exciting to see this “much-needed” affordable housing project begin to fill with local families.

“We are pleased to work with affordable housing developers, such as the Coalition for Specialized Housing and GSF LLC, to help these much-needed projects reach fruition as the administration continues its efforts to address the shortage of affordable housing on Hawaiʻi Island,” Kunz said.

Waikōloa Family Affordable, located at 68-3911 Makanakai Drive, is managed by Locations Property Management, which still has units available despite holding a lottery to select tenants earlier this year. The property manager also maintains a waitlist.

Coalition for Specialized Housing President Jeff Emerson said the development is its first project on Hawai‘i Island. The development serves households earning up to 60% of area median income as determined by the U.S. Department of Housing and Urban Development. Six units are reserved for households earning no more than 30% of the area median income.

Monthly rent ranges from $941 for a one-bedroom unit to $1,108 for a two-bedroom townhouse unit. The monthly rate for the six units reserved for extremely low-income households is $405.

The development features 39 one-bedroom units, 40 two-bedroom flats and 31 two-bedroom townhouses, in addition to a manager’s unit. The units are housed in eight two-story buildings with four units each and 10 two-story buildings with eight units each. Each unit features a solar hot water system, AC, range/oven, refrigerator/freezer, garbage disposal, storage and a parking stall.

Common amenities include an onsite resident manager and manager office, coin-operated laundry facility and access to amenities offered by the Waikōloa Village Association, including its community center, pool and golf course.

Financing for the multi-million-dollar project came via the Hawai‘i Housing Finance and Development Corp., First Hawaiian Bank, HHF LLC, and the Coalition for Specialized Housing. Government assistance came via Low-Income Housing Tax Credits, Rental Housing Revolving Fund allocation and Hula Mae Multi-Family tax-exempt bonds.

“We could not have successfully completed this project without significant support from the state Hawaiʻi Housing Finance & Development Corporation and County of Hawaiʻi,” noted Andrew Furuta, project manager for GSF LLC.

Tenant requirements include the applicant household having a minimum monthly income at least 2.5 times the monthly rent, passing a credit and criminal check and providing landlord references. Applicants must also be a U.S. Citizen or permanent resident aliens and occupy their unit as their primary residence.

For more information, or to download an application to become a resident, visit www.locationsrentals.com.